Oil prices rose to the highest since August and traded above $50 a barrel yesterday, following optimism surrounding the new oil production deal by the Organisation of Petroleum Exporting Countries (OPEC).

The body agreed in Algeria, in September, to cap production at not more than 33 million barrels per day.

According to Reuters, December Brent crude futures were last up 40 cents at $50.59 a barrel, off a session low of $49.74, while U.S. crude futures rose 42 cents to $48.66 a barrel, above the day’s low at $47.78.

OPEC basket of 14 crude stood at $44.63 per barrel, according to the cartel’s secretariat.

At its meeting in Algiers, OPEC set up a committee to work out the oil production level of every member country.